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Micromem Technologies Inc. Completes Private Placements

TORONTO AND NEW YORK, Sept. 12, 2012 /CNW/ - Micromem Technologies Inc.
(the "Company") (CNSX: MRM) (OTCBB: MMTIF) announces the completion of
arm's length private placements totalling 728,572 Units ("Unit") at a
subscription price of CDN$0.14 per Unit for the gross proceeds of CDN
$102,000. Each Unit is comprised of one Common Share ("Common Share")
and one Common Share Purchase Warrant ("Warrant"). Each Warrant may be
exercised for one Common Share at an exercise price of CDN $0.17 for a
period of one year. The proceeds from the offering will be used for
general working capital purposes and the shares will be subject to
resale restrictions.

This press release contains forward-looking statements. Such
forward-looking statements are subject to a number of risks,
assumptions and uncertainties that could cause the Company's actual
results to differ materially from those projected in such
forward-looking statements. In particular, factors that could cause
actual results to differ materially from those in forward looking
statements include: our inability to obtain additional financing on
acceptable terms; risk that our products and services will not gain
widespread market acceptance; continued consumer adoption of digital
technology; inability to compete with others who provide comparable
products; the failure of our technology; the infringement of our
technology with proprietary rights of third parties; inability to
respond to consumer and technological demands; inability to replace
significant customers; seasonal nature of our business; and other risks
detailed in our filings with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date made and are not
guarantees of future performance. We undertake no obligation to
publicly update or revise any forward-looking statements. When used in
this document, the words "believe," "expect," "anticipate," "estimate,"
"project," "plan," "should," "intend," "may," "will," "would,"
"potential," and similar expressions may be used to identify
forward-looking statements.

The CNSX or any other securities regulatory authority has not reviewed
and does not accept responsibility for the adequacy or accuracy of this
press release that has been prepared by management.